Biden to Decide on Nippon Steel's $14.9 Billion U.S. Steel Acquisition by Friday, Amid CFIUS Review

Jan 3, 2025, 01:21 AM

President Joe Biden is set to announce his decision as early as Friday on whether to approve Nippon Steel's proposed $14.9 billion acquisition of U.S. Steel. The decision comes after extensive discussions with his top advisers and Secretary of State Antony Blinken. Biden has previously expressed opposition to the deal, emphasizing the importance of U.S. Steel remaining an American-owned and operated company. Nippon Steel, in an effort to address concerns, has proposed giving the U.S. government veto power over any changes to U.S. Steel's production capacity. This proposal was a response to recommendations from the Committee on Foreign Investment in the United States (CFIUS), aiming to mitigate fears of reduced domestic steel output and job losses. The acquisition faces a deadline, previously set for January 7, but extended to the first quarter of 2025. U.S. Steel has indicated potential legal action against the Biden administration if the acquisition is blocked.